ESMA publishes Consultation Papers on Securitisation Requirements
News    ·   22-12-2017
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AUTHOR: Malcolm Falzon; Nicola Jaccarini

On 19 December 2017, the European Securities and Markets Authority (“ESMA”) published three consultation papers on draft technical standards in relation to the implementation of the Securitisation Regulation, a new consolidating piece of European Union legislation which introduces regulations for issuing simple, transparent and standardised (“STS”) securitisations. This Regulation also replaces the securitisation provisions contained in the Capital Requirements Regulation (Regulation (EU) 575/2013). The Securitisation Regulation was approved by the European Parliament in October 2017, and is awaiting adoption by the European Council following which it will be published in the Official Journal of the European Union and will enter into force 20 days later. The provisions of this new regulation are expected to apply as from 1 January 2019.

By virtue of its mandate in terms of the Securitisation Regulation, ESMA is now consulting on and seeking stakeholder views on the following issues, following which it will issue its draft technical standards:

  1. The contents and format of underling exposures and templates for investor reports, all aiming to comply with the Securitisation Regulation’s reporting requirements;
  2. The operational standards for providing these reports to securitisation repositories, and the operational standards for accessing this information therefrom. Additionally, the specific conditions for the entities specified in the Regulation to access information from securitisation repositories;
  3. The contents and format of the notification to ESMA of a securitisation’s STS status; and
  4. The application requirements for third parties seeking authorisation as a provider of STS verification services.

These Consultation Papers (ESMA 33-128-33, ESMA 33-128-107 and ESMA 33-128-108),  are open for input and feedback until 19 March 2018, following which ESMA aims to publish its final reports containing final draft technical standards during the second half of 2018. Further information on the detailed reporting templates for responding to these consultations is available here.

For further information on the Securitisation Regulation and the capital markets, please contact us on capitalmkts@camilleripreziosi.com
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